Active funds in the United States have not outperformed the market this year, and underweighting Nvidia is the key. Although Nvidia is favored by Wall Street, many large investors are not overly bullish on it. Vivek Arya, an analyst at Bank of America Global Research, and his team recently conducted a quarterly review of semiconductor stock holdings in active funds. The results show that although Nvidia is the most held semiconductor stock in active funds, with a holding rate of about 70%, its relative weight is still "low." Vivek Arya pointed out that Nvidia's relative weight is 0.99 times, which is much lower than the top 16 peers with the highest holdings in the information technology and communication services industries, and this even happens when Nvidia's sales growth potential may be more than five times that of these companies. Companies with higher weights than Nvidia include Meta, Salesforce, Microsoft, and Alphabet. In the semiconductor industry, companies such as Applied Materials, KLA, and Micron Technology also have higher relative weights.